It is a dream to register an enterprise company in Malaysia or Sdn Bhd (LLC) company in the state of Malaysia as local and nonresidents. 1 person can register enterprise business through SSM. Cost of Sdn Bhd Company Registration in Malaysia is RM2500 including all services.
Find the advantages and disadvantages before investment in any type of business until get confident. Now, study the market about your business activities whether good opportunity is there to register business? The steps of register a Sdn Bhd company is easier as follows:
Name Search of the Company
First, search a proper name or your brand name to check available by Company Secretary through SSM system. As similar name is never approved as lots of companies are registered in every month. And it is payable RM 50 for each name search if reject one by one. So, the smart way is asking the secretary to offer prefer name those might get approval at soonest. You must know that name is an identity that is recognised by quality of services.
Name of enterprise company shall be taken by SSM officer at the time to registration. Owner can select name is unavailable in SSM database is lucky.
To keep a record of declaration that you are not bankruptcy & guilty by the court in your own country (in case of foreigner) sign a paper and submit to the CS. You must provide contact number, address of business and residence, name of partners, share percentage, nature of business to a form given by secretary. Be present physically in Malaysia is not compulsory a part of business registry through SSM. Scan copy is acceptable and while visit in Malaysia must submit the original as record of declaration.
SSM Procedure Towards Company Register
Now, this is the part of Company Secretary to prepare documents as need and submit to SSM by online after making payment of registration RM 1200/-. Generally, incorporation certificate and super form are sent by email to CS once get is done within next 2 days. It is faster and NOT necessary to manage the government office as they are clan like other departments.
Requirement of enterprise registration in Malaysia
One person must be local Malaysian is eligible to register enterprise in Malaysia. There is no other liability of enterprise as like Sdn Bhd. Local IC, a name of the business and nature of business information shall submit to SSM office.
Enterprise registration is completed in the same day by cost of Ringgit 150-RM200. No company secretary appointment is applicable after enterprise registration.
Bank Account Open
Recommended banks are OCBC, HSBC, Standard Chartered for the foreign shareholding companies. And MayBank, AM Bank, CIMB are recommended for the local shareholding companies. Bankers might ask some questions as part of KYC ie, how much expected turn over in this year, what is the background of business ideas, and so on.
Get ready to deposit one time and withdrawal RM 50000/- to open bank account in foreign banks. Money come in and out are NOT an issue at all in foreign banks if proper documents are submitted (if ask for, through internet banking.
MayBank, AM Bank, RHB, CIMB
Enterprise business owner can open bank account in local bank easily by RM0-100. As foreign banks have some initial deposit and balance maintenance requirement that is not comfortable.
Requirements of License as part of Malaysia Business Registry
SSM completion is not sufficient and end of business registry as other licenses are required to apply for. Business licenses depend on nature of business and activities. But this is common for all to obtain signboard and premise license after registration is completed by SSM. Let see the require licenses as nature of businesses:
- Service-related company
- SSM copies
- Signboard and Premise license
- Halal (food, restaurant, etc)
- WRT (for retail business)
- Import and export related business
- SSM copies
- Signboard & Premise
- Import & Export license
- Membership from Chamber of Commerce
- Port & product Approval
- Manufacture business
- As no. 2
- Environment clearance
- Ministry as concern department
- Factory setup
- Workers safety
Work Permit Application
All above 3 Categories Company can apply for obtaining work permit if valid reason is there. If the business can run by local staffs where foreign staffs are NOT required. In that case, director of foreign shareholding companies can apply for work permit or MM2H program.
Only local Malaysian citizen can take this opportunity to register an enterprise where less cost and secretary is NOT required to hire like Sdn Bhd. But income tax has to pay and annual return also.